BUSINESS
No, GDP Didn’t Plunge “32.9%” in Q2, it Plunged a Still Terrible 9.5%: Time to Kill “Annual Rates”
BUSINESS

No, GDP Didn’t Plunge “32.9%” in Q2, it Plunged a Still Terrible 9.5%: Time to Kill “Annual Rates”

Published: July 30, 2020  |  16 min read, 3105 words
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This morning, we were confronted with horrible news, which we’ve been expecting all along, but this news, though truly horrible, was also a result of something called “annual rate.” What we saw in the headlines was that GDP, adjusted for inflation, collapsed by “32.9%” in Q2.That should have been reported as “32.9% Annualized.” It was an “annual rate,” meaning that the Q2 drop was essentially multiplied by 4 (with adjustments) to obtain a theoretical figure that shows what GDP for the whole year would look like if it kept plunging like this for four quarters in a row. But that is unlikely.... READ MORE
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